Pinebridge Investments L.P. Buys 19,436 Shares of Bank of Montreal (NYSE:BMO)

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Pinebridge Investments L.P. grew its stake in shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) by 15.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 143,413 shares of the bank’s stock after buying an additional 19,436 shares during the period. Pinebridge Investments L.P.’s holdings in Bank of Montreal were worth $14,186,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Farmers National Bank purchased a new position in shares of Bank of Montreal during the first quarter worth about $34,000. Lipe & Dalton purchased a new stake in Bank of Montreal in the second quarter worth approximately $38,000. NEXT Financial Group Inc boosted its stake in Bank of Montreal by 38.5% in the second quarter. NEXT Financial Group Inc now owns 518 shares of the bank’s stock worth $39,000 after buying an additional 144 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in Bank of Montreal in the second quarter worth approximately $74,000. Finally, Icon Wealth Partners LLC purchased a new stake in Bank of Montreal in the first quarter worth approximately $98,000. Hedge funds and other institutional investors own 41.12% of the company’s stock.

BMO traded up $0.33 on Friday, hitting $72.93. 36,523 shares of the company’s stock traded hands, compared to its average volume of 555,950. The company’s 50 day simple moving average is $71.19 and its 200-day simple moving average is $75.15. The firm has a market cap of $46.11 billion, a price-to-earnings ratio of 10.43, a P/E/G ratio of 2.86 and a beta of 1.18. Bank of Montreal has a one year low of $62.79 and a one year high of $84.36. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15.

Bank of Montreal (NYSE:BMO) (TSE:BMO) last issued its earnings results on Tuesday, August 27th. The bank reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.07). The business had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.82 billion. Bank of Montreal had a net margin of 16.48% and a return on equity of 14.14%. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period last year, the business posted $2.31 EPS. As a group, equities analysts anticipate that Bank of Montreal will post 7.07 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Friday, November 1st will be paid a dividend of $0.781 per share. This represents a $3.12 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend is Thursday, October 31st. This is an increase from Bank of Montreal’s previous quarterly dividend of $0.77. Bank of Montreal’s dividend payout ratio (DPR) is 44.64%.

Several analysts have issued reports on the company. Scotiabank reaffirmed a “hold” rating on shares of Bank of Montreal in a research note on Tuesday, August 20th. Zacks Investment Research lowered Bank of Montreal from a “buy” rating to a “hold” rating in a research note on Tuesday, August 20th. Howard Weil lowered Bank of Montreal from a “sector outperform” rating to a “sector perform” rating in a research note on Thursday, May 30th. Credit Suisse Group raised Bank of Montreal from an “underperform” rating to a “neutral” rating and set a $93.00 price objective for the company in a research note on Friday, September 6th. Finally, ValuEngine lowered Bank of Montreal from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $95.67.

Bank of Montreal Company Profile

Bank of Montreal provides diversified financial services primarily in North America. It operates through three groups: Personal and Commercial Banking, Wealth Management, and BMO Capital Markets. The company's personal banking products and services include checking and savings accounts, credit cards, mortgages, and financial and investment advice services; and commercial banking products and services comprise business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, and specialized banking programs for small business and commercial banking customers, as well as wealth management products and services, such as insurance products.

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Institutional Ownership by Quarter for Bank of Montreal (NYSE:BMO)

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